practice rounds strategic mgt

practice rounds strategic mgt - Ferris Co. Caitlin Vodopia...

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Ferris Co. Caitlin Vodopia Dustin Clevenger Ketan Patel Brandon Owen Joshua Thomas Reflection from Practice Rounds: The practice round gave our team valuable insight onto the potential success of our vision, strategy and organization of our firm. Our vision to be a provider of the most technologically advanced products proved to be a smart idea as each round the growth rates for the size, performance, and high-end markets grew faster and bigger than the other markets. Our strategy was to focus on these markets however we also had a product in the traditional segment to capture any extra revenue there. Implementing our strategy was a challenge and we learned some very important lessons that we can learn from and avoid in the official competition rounds. First, we learned that we were moving our products ahead of the market trend too quickly. We invested so much in R&D that our new products were entering the market towards the end of the year so we were unable to capture as much sales as we could have. By moving our products at a slower more steady pace, we can have the enter the market earlier in the year and capture more demand throughout the year. Our group also learned that we need to work on our forecasting methods. While our team took into account the growth rates for each market segment, we were not taking into account other
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practice rounds strategic mgt - Ferris Co. Caitlin Vodopia...

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